Daily spending drops to $58.81 in September 💡 Win with our Halloween Contest! 🎃

In this edition of The Beforepay Beat:

• Daily spending drops 29% in September but up 1.6% annually.
• Win cash with our Halloween Contest!
• Beforepay is now supporting Up Bank.
• How to cut costs and save with your subscriptions. 
• Beforepay in the media

INSIGHTS: How did spending change last month?

Australia’s daily spending decreases in September 2022

Spending insights for September 2022:

• New data shows daily spending dropped 29% from $83.27 in August to $58.81 in September. 
  
  
• Costs remain 1.6% higher year-on-year, up from $57.91 in September 2021. 
  
  
• Durable shopping (i.e. washing machines, televisions) saw the biggest drop, down 47% to $6.62 in September 2022, compared to $12.53 in August. 
  
  
• Daily spending on groceries also declined to $15.20 in September 2022, compared to $18.89 in August. 
  
  
• Food and drink expenses are down 23% from $14.55 in August 2022 to $11.15 in September, however saw the biggest annual increase when compared to an average daily spend of $9.64 in September 2021. 

See more insights and find out more about the Beforepay Cost of Living in our latest update here.

*Note: Data is derived from Beforepay data, not adjusted for seasonality. It is provided for general information only and should not be relied on. See full disclaimer here.

WIN: Say BOO with Beforepay’s Halloween Pet Pics Contest!

Love your pets? Love to win? Then don’t miss out on the chance to win 1 of 3 cash prizes in the form of gift cards vouchers totalling $500 with Beforepay!

Here's how to enter.

1. Take a photo of your pet in a Halloween costume.

2. Post it on your public Instagram account with the caption Say BOO with @Beforepay, tagging us and using the hashtag #petsofbeforepay.

3. Follow us @Beforepay on Instagram.

4. Share the link to the contest page with your friends and family and ask them to vote for their favourite pet pic when voting opens on October 24, 2022.

No pet? No worries! You can enter with a friend or family member's pet (permission granted, of course).

3 winners will be selected via public voting on the contest page, where voting will run from 12AM AEDT October 24 to 11:59PM AEDT October 31, 2022.  

For more information and details on how to enter visit the contest page here.

Good luck!

Photos must be uploaded to a public Instagram account between Thursday, October 6, 2022 and Sunday, October 23, 2022 with the above criteria to be considered. Photos uploaded to Instagram Stories will not be counted. View full Terms and Conditions.

That's right - you asked, we made it happen!

Beforepay now supports Up Bank through the Consumer Data Right (CDR) scheme, which essentially enables us to connect with select banks in a way that allows you to share your banking information seamlessly. 

Now that we can support Up Bank on Beforepay, you (or your friends or family) can now connect an Up Bank account as the main salary account to Cash Out with Beforepay.

We’re always looking for opportunities to bring Beforepay to more Aussies, and are working to bring even more banks on board. 

Want to see your bank on Beforepay? Let us know here.

FUN FACT

This fun fact dates back to 1953 at the regional bank, Credito Emiliano, in Northern Italy. The region is home to dairy farmers known for producing Parmigiano-Reggiano cheese.

Since cheese can take years to mature, and the more it ages the more valuable it becomes, the arrangement works both ways – as insurance for banks (the young cheese is valued at the current market price of mature cheese) and as access to loans for local small business owners. 

As an added bonus, the bank’s vaults where the cheese is stored provide the perfect, climate-controlled condition to age the cheese, which also helps farmers save on operating costs. How gouda is that!

MONEY TIPS: Spring clean your subscriptions

Start cutting costs and saving money

With our daily living costs and inflation on the rise, taking the time to review your subscriptions and cancel those you're not using frequently might help you save.  

In fact, a 2021 ME Bank survey found that over a third of Australians were losing $200 annually on unused subscriptions! 

Start freeing up some extra dollars in your budget with these tips for spring cleaning your subscriptions. 

• Use tools like the Insights dashboard in the Beforepay app or the iOS Settings app/Google Play Store on Android for a quick and easy way to view and manage your subscriptions.
  
  
• Shop around for subscription options that offer multiple services in one platform (e.g. Amazon Prime for delivery and entertainment streaming) to get the most bank for your buck.
  
  
• Use comparison sites like finder.com.au or canstarblue.com.au to compare prices on various subscription services and find one that suits your wallet and your lifestyle.
  
  
• Take advantage of free trials and try out different platforms before committing to one so you can save on extra expenses upfront. Just make sure you cancel before your free trial is up!
  
  
• Pay annually. Some services offer you a discount for paying for the year, which could see you saving in the long-term. 

See our blog post for more tips and info. 

MONEY TIPS: Easy ways to save money every day

Make saving stress-free

Whether your goal is to book a family holiday, replace an old appliance, or buy a new pair of shoes, you can start simple and save some extra dollars by making small changes in your day-to-day activities. Here are some ideas.

• Never grocery shop hungry. This will help you stick to your shopping list and eliminate the temptation to buy extra snacks you didn’t need! 
  
  
• Buy in bulk. It may be more cost-effective to buy large quantities of items like laundry detergent and pet food. Simply check the cost per unit on the price tag to see if a bulk buy will save you.
  
  
• Buy a reusable water bottle. It’s good for the wallet and the planet.
  
  
• Cut back on take-out. It’s not about going cold turkey; it’s just about reducing the number of times you eat out to help save some extra dollars. 

These might seem like small acts, but the great thing about them is that they’re gradual changes that will add up in the long-run, without disrupting your current lifestyle. Just easy, stress-free saving hacks!

See our blog post for more tips.

IN THE MEDIA: Beforepay on 7NEWS 

Did you catch Beforepay in the news last month? 

Beforepay CEO Jamie Twiss spoke to Mike Amor on 7NEWS to share insights on the impact of rising costs on our daily spending habits.

Jamie also shared his tips for saving money as we come to terms with constantly changing prices. 

“Get the facts as to what your income is on a week-to-week and month-to-month basis, and then work out exactly where is it going,” says Jamie. 

“Make a budget, look at where you’re spending your money, and take that very seriously.” 

Watch the full interview here.

WE 🧡 OUR CUSTOMERS